SpaceX, the rocket and satellite company founded by Elon Musk, has officially set the price for what could become the largest initial public offering in history, according to a prospectus filed with the U.S. Securities and Exchange Commission on Wednesday, June 3. The company priced shares at $135 each, valuing SpaceX at approximately $1.77 trillion and positioning the offering to shatter virtually every previous IPO record.

If completed as planned, the offering would raise as much as $75 billion, dwarfing the previous record held by Alibaba, whose 2014 public debut raised approximately $22 billion.

The shares are expected to begin trading on the Nasdaq during the week of June 12 under the ticker symbol SPCX, immediately making SpaceX one of the most valuable publicly traded companies on the planet.

The numbers are staggering.

At the IPO price, SpaceX would debut with a valuation greater than many of the world’s largest corporations and would instantly rank among the most valuable technology companies ever listed on a public exchange.

Yet the most unusual aspect of the offering may not be its size.

It may be who gets access.

Traditionally, large institutional investors receive the majority of IPO allocations at the offering price, while ordinary investors often must wait until shares begin trading publicly—frequently at significantly higher prices.

SpaceX is taking a different approach.

The company has announced that retail investors will be permitted to request shares at the same IPO price offered to major institutions through participating brokerage platforms including Robinhood, Fidelity, Charles Schwab, SoFi, and Morgan Stanley’s E*TRADE.

For many investors, it represents a rare opportunity to participate in one of the world’s most closely watched private companies before trading begins on the open market.

However, there are important limitations.

Demand is expected to vastly exceed available supply.

Investors may receive only a portion of the shares they request—or none at all.

Certain platforms have additional restrictions. Charles Schwab, for example, requires eligible clients to maintain account balances of at least $100,000 to participate in IPO allocations.

The company’s investor roadshow officially began on Thursday, June 4, as executives and underwriters started presenting the investment case to institutional investors around the world.

The offering also cements Elon Musk’s control over the company.

According to the SEC filing, SpaceX will maintain a dual-class share structure, allowing Musk to retain approximately 82.4% of voting power after the IPO despite selling shares to the public.

The structure mirrors arrangements used by other founder-led technology companies, where voting control remains concentrated even after public ownership expands.

If SpaceX successfully debuts at its proposed valuation and trading remains strong, Musk’s personal wealth could exceed $1 trillion, potentially making him the first individual in history to reach trillionaire status.

Yet not everyone believes the valuation is justified.

Research firm Morningstar recently estimated SpaceX’s fair value at approximately $780 billion, less than half the proposed IPO valuation.

Morningstar analysts argued that investors should be cautious and suggested that more attractive entry points could emerge after the initial excitement surrounding the offering fades.

Their concern centers largely on profitability.

While Starlink, SpaceX’s satellite internet business, has become a major revenue generator and one of the company’s most profitable operations, other segments continue consuming enormous amounts of capital.

The company’s launch business requires ongoing investment, while its artificial intelligence initiatives are reportedly expected to lose billions of dollars as development continues.

Morningstar estimates SpaceX’s AI division alone could burn through approximately $10 billion during 2026.

Investor concerns have extended beyond Wall Street research firms.

The American Federation of Teachers, representing approximately 1.8 million members, wrote to SEC Chairman Paul Atkins earlier this year requesting heightened scrutiny of the offering.

The union expressed concern that retirement funds and everyday investors could be exposed to what it described as a highly speculative and potentially overvalued investment.

Those concerns reflect a broader debate surrounding the IPO.

Supporters argue that SpaceX has transformed multiple industries, from commercial space launches to satellite communications, and possesses growth opportunities that justify an extraordinary valuation.

Critics counter that even exceptional businesses can become poor investments if purchased at excessive prices.

For everyday investors, the decision presents both opportunity and risk.

On one hand, participation offers access to one of the most influential private companies ever created, alongside major institutional investors paying the same IPO price.

On the other hand, the company would begin trading at a valuation that some respected analysts believe is more than double its intrinsic value.

There is also the possibility of a significant first-day trading surge.

Because retail demand is expected to overwhelm available shares, many investors will likely receive only partial allocations. That scarcity could create a buying frenzy when trading begins, potentially pushing shares well above the offering price.

Such surges are common among highly anticipated IPOs, but they can also leave late buyers purchasing shares at inflated valuations.

The SpaceX offering represents more than just another stock market debut.

It is a test of investor appetite for ambitious growth stories, a referendum on Elon Musk’s vision, and perhaps the most significant public-market event of the year.

Whether the IPO ultimately becomes a legendary investment success or a cautionary tale about valuation remains unknown.

What is certain is that when SpaceX begins trading, Wall Street—and millions of ordinary investors—will be watching.

JBizNews Desk — Markets

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